Once Price moved up strongly from major support level of 7920 on 27th dec, 8060 (which was 8070 in nifty future chart) was seen as upcoming level of flip resistance where we suggested to look for a sell signal(check last post) & we saw price having a pause in it’s upward momentum on this 8060-resistance level but didn’t create any significant sell-off signal. Finally, price was able to continue it’s upward momentum towards next level of resistance zone 8227-8276 & on it’s way up we got a buy entry signal in 5min timeframe chart when a breakout was taking place on our discussed 8060 level of resistance(check the trade update given on facebook). Overall the index is moving now in a flat market structure within a trading range of 7920 to 8276 levels.So we’ll be trading within the range looking for sell signal on current resistance zone of 8276-8227 or else if we find price breaking out above the resistance zone, we’ll look for buy signals using our breakout trading method.Have a look at charts below given for above explanations & also Checkout charts for trading today’s key level of index below.
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NIFTY DAILY CHART :
Here is the 5min BREAKOUT TRADE occured on key resistance level of 8060 resistance level :
For today, we’re tracking a key level of support zone(8164-8169) formed in 5min timeframe chart below – Expecting either a bounce back up from the levels or a breakout move below the level towards 8100 level of support.
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PLS NOTE : All chart analysis posted above are the author’s own idea of trading for educational purpose only & not any form of advice or recommendations or opinion to anyone